Foreclosure Activity in Seattle Metro Area Down in July

Total filings drop 24 percent from previous month

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,516 Seattle metro area properties in July, a 24 percent decline from June and 33 percent below the level reported for July 2010, according to the latest 2011 RealtyTrac® Foreclosure Market Report.

 

One in every 574 of the metro area’s housing units received a foreclosure filing in July, the 67th highest foreclosure rate among the 206 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

Snohomish County posts top foreclosure rate for July

Snohomish County posted the top county foreclosure rate in the metro area for July — one in every 420 housing units with a foreclosure filing — 1.5 times the national average and 1.9 times the state average. Pierce County had the second highest rate — one in every 525 housing units with a foreclosure filing — 1.2 times the national average and 1.5 times the state average. King County was third — one in every 682 housing units with a foreclosure filing — 1.1 times the state average.

 

King County has top foreclosure total for July

King County had the highest total foreclosure activity in the metro area, reporting 1,229 properties with foreclosure filings for July. Snohomish County was second highest, reporting 672 properties with foreclosure filings. Pierce County came in third, tallying 615 properties with foreclosure filings.

 

State foreclosure activity down in July

Washington State reported 3,602 properties with foreclosure filings in July, a 19 percent decrease from June and 37 percent below the level reported in July 2010. One in every 781 Washington housing units had a foreclosure filing in July, the 16th highest state foreclosure rate in the nation.

 

State a moderate contributor to nation’s foreclosure total in July

Washington accounted for 2 percent of the 212,764 properties with foreclosure filings reported nationwide in July. Total U.S. activity decreased 4 percent from June, and was down 35 percent from the level reported for July 2010. One in every 611 U.S. housing units received a foreclosure filing during July.

 

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure. 

 

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.” 

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac‘s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Seattle Metro Area Top Foreclosure Rates By County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

n/a

n/a

Washington

0

0

1,828

0

1,774

3,602

781

0.78

n/a

Seattle MSA

0

0

1,247

0

1,269

2,516

574

1.06

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

330

0

342

672

420

1.45

1.86

Pierce

0

0

294

0

321

615

525

1.16

1.49

King

0

0

623

0

606

1,229

682

0.90

1.14

 

 

Seattle Metro Area Top Foreclosure Totals by County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 11

% Chg July 10

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

-4.48

-34.58

Washington

0

0

1,828

0

1,774

3,602

781

-19.06

-36.61

Seattle MSA

0

0

1,247

0

1,269

2,516

574

-24.13

-33.37

 

 

 

 

 

 

 

 

 

 

King

0

0

623

0

606

1,229

682

-32.80

-32.10

Snohomish

0

0

330

0

342

672

420

-16.52

-25.42

Pierce

0

0

294

0

321

615

525

-9.82

-42.25

 

 

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